Shares of small-cap penny stock Vivakor Inc. VIVK are trading higher after the company announced it signed a definitive agreement to acquire Silver Fuels Delhi and White Claw Colorado City.
The acquisitions will enable Vivakor to enter a synergistic segment of the energy industry with the combination of a crude oil gathering, storage and transportation facility, which feature long-term ten year take or pay contracts.
Matt Nicosia, CEO and Chairman of Vivakor, stated, "The potential acquisitions of SF Delhi and WCCO provide a monumental opportunity for Vivakor. If we are able to close these acquisitions, we would add significant revenue and Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) while putting in place the necessary infrastructure to continue to grow our historical business of cleaning areas contaminated by hydrocarbons.”
Vivakor Inc is an operator, acquirer, and developer of clean energy technologies and environmental solutions, with a focus on soil remediation.
VIVK Price Action: Vivakor Inc. has traded between $12.63 and $1.39 over a 52-week period.
The stock was trading about 21.5% higher at $2.15 per share on Thursday at the time of publication.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.